Trade tensions, hawkish comments from Fed and broad sell off has weighed on prices
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- LME Copper CSP prices continued its two-month downtrend, fell by 1.3% during December’24 to an average of USD 8,955/ton on account of trade tensions, hawkish comments from Fed signaling fewer rate cuts in 2025 due to resurgence in inflationary pressures and robust economic data, broad sell of along with record high surplus in copper markets.
- LME 3-m forward to cash spread is in an average contango of USD 117/ton during Dec‘24, against an average of USD 86/ton during the previous month, indicating ample copper availability in spot markets.
